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If you are paying to own your home can you rent it out in a rent to own?

I just lost my job so my husband is the only one working and our house payment is just too high, we don't wanna lose our house and mess up our credit, how could we move but possibly rent it so this does not happen?? Thanks!!

Public Comments

1. You can rent it out but suppose they don't pay the rent? Then you got double troubles. If you were laid off, you can apply for unemployment which I believe is now good up to 52 weeks. Hopefully, our new president will be able to turn things around. Just sit tight and wait it out.I''ve been through it a few times but I always managed to recover.
2. In Texas you can rent it out but you are not allowed to enter into a "rent to own" here unless you own your home free and clear.
3. Blimey, somebody who is actually thinking about it rather than hope everything will be OK. Thats exactly what the smart ones did in the last crash. Yes rent it out. Change the mortgage to interest only. Even if you have to move in with firends and family, you get to keep your house. You may even be able to buy another house cheaper than your current one, BUT dont overstretch yourself, presume it WONT always be rented out. Keep a seperate bank account for it and build up a fall back found.
4. Renting out your house is certainly an option. Many people are doing this because they cannot afford to sell their house. If you rent to own, you write up a contract where a portion of the rent price goes toward the purchase and then at a set date in the future, the tenants have to pay the rest of the purchase price. Typically these deals are not a good idea if you still owe on the mortgage because you can get burned from both sides. If you rent it out, just make sure you get a lawyer to review your lease agreement. Remember that you will need a place to live which means either paying rent for something else or living with family. Also, remember that your mortgage will be due every month regardless of whether or not you have renters in there, and whether or not they pay you on time. Also, some mortgages do not allow you to rent out your house. Most mortgages are only for owner occupied homes and you could get sued if you rent the house out without permission from the bank.